Chemicals are used in many different places and ways, including in factories to manufacture goods and at home to clean our living spaces. They make the lives of modern people more convenient and improve quality of life, but behind them there are also dangers posed by the toxicity and harmfulness of certain chemical substances that threaten to harm people"s lives, health, and the environment. From a phenol leak in 1991 to a hydrogen chloride leak at Yeosu Industrial Complex in 2005, the humidifier disinfectant scandal in 2011, a hydrofluoric acid gas leak in 2012 and 2013, and a large fire at a chemical plant in 2018, accidents involving toxic chemicals have occurred repeatedly over time. The resulting damages to both individuals’ health and the natural environment were often extensive in these cases, as evidenced by people’s deaths and injuries, not to mention the time it took to recover from the pollution and harm sustained by the environment. Initially, there were a number of laws that regulated chemical substances, starting with one of the very first laws of its kind in Korea, the「Act on Poisoning and Poisonous Substances」, which was enacted in 1963, and later the「Environmental Conservation Act」, which was amended in 1986, before these laws were essentially integrated and merged into the「Hazardous Chemicals Control Act」, which was enacted in August 1990 (Act No. 4261). The limitations of the more conventional laws on chemical substance regulation were pointed out in the wake of the humidifier disinfectant scandal in 2011 and the hydrofluoric acid gas leak in 2012 and 2013. In response, the 「Hazardous Chemicals Control Act」 was wholly amended and renamed as the「Chemical Substances Control Act」, also known as「CSCA」, in May 2013, and the「Act on the Registration and Evaluation of Chemical Substances」, also known as「K-REACH」, was enacted later as well, which went into effect on January 1, 2015. At the time the CSCA and K-REACH were first proposed, there was fierce opposition from industry stakeholders, including those who were likely to be subject to the new regulations, but the bills were passed based on strong public support and increased calls for public safety and better environmental protection measures. As of 2022, which is seven years after the enforcement of these laws, some political and academic circles, led by environmental groups, claim that the laws have shown to significantly reduce chemical-related risks and reduce the occurrence of chemical-related accidents. On the other hand, some of the political and academic circles, including those led by businesses in the chemical industry, are suspicious of such an effect, and have continued to strongly express concerns that the CSCA and K-REACH are killing chemical companies by weakening their productivity and industrial competitiveness. As a result, they have argued that the regulations under these laws need to be relaxed. In particular, their criticism seems to be focused on the penal provisions of the CSCA and K-REACH, which set forth heavy administrative sanctions (e.g., fines, penalty surcharges), along with criminal penalties (e.g., imprisonment), for business owners who fail to comply with the relevant requirements under the laws or are negligent in their actions. Against this backdrop, this study first examines the legislative background of the CSCA and K-REACH, and the recent controversies about the effects and validity of their application. Next, we assess the risks of representative chemicals used in our daily lives. Lastly, based on this, we discuss the appropriateness of the regulations and penalties stipulated in the current CSCA and K-REACH.